A comparison between GBG, and FWL is obviously inappropriate. The scale of operation, all output sold, quality of finance and partner, expertise and specialisation in one plant, are all significant differences that warrant the high capex.
FWL is a minnow, and does not have a "world class resource". I am not sure, but it appears that GBG may not be banded iron, like FWL, and not have the same grinding issues. FWL must suffer from the lack of scale. The waste to ore ratio at GBG, is very low, unlike FWL.
How could Manning make a presentation, with timetable, knowing that the Oakajee, will most likely, not be there in that timeframe? Obviously, they would like to start with just the concentration plant, but this is the part that requires the Port.
I think that you should put the scrip in your bottom drawer, and leave it for your great grand children.
To summarise, FWL, have a small, low% iron, scattered, not low waste ratio, not easily processed, resource. They have no economies of scale, high capex to output. They have no Port for the magnetite. They intend using an MPI process that is still in the development phase. Located off-site, necessitating double handling. I cannot see anyone lending the money for such high risk projects.
All my opinion of course, and it could all be wrong.
